Alliant Credit Union: 2024 Home Equity Review
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At a glance
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Loan amount
Starting at $10,000
Min. credit score required
Undisclosed
Repayment terms
10-year draw period and 20-year repayment term for interest-only HELOCs, 7-year draw period and 8-year repayment term for standard HELOCs
Funds available in
Undisclosed
Benefits
- Alliant Credit Union offers an interest-only HELOC option, which means you’ll only need to make interest payments during the initial period.
- If eligible, you can tap up to 90 percent of your home’s value with a HELOC from Alliant.
- The credit union doesn’t charge fees on HELOCs below $250,000.
Drawbacks
- Alliant Credit Union’s HELOCs aren’t available to borrowers in every state.
- If you’re looking to borrow a certain amount at a fixed rate, you’ll need to go elsewhere; the credit union doesn’t offer home equity loans.
- You must be a member of the credit union in order to apply for a HELOC, or take advantage of any of its other financial services.
Home equity loan products offered
Alliant Credit Union offers interest-only and standard HELOCs, both with variable rates, a minimum loan amount of $10,000 (or $25,001 in Washington, D.C. and Wisconsin) and up to 90 percent of your home’s value, depending on where you live. Your HELOC interest rate will be higher if you don’t set up automatic payments. The interest-only HELOC has a 10-year draw period and a 20-year repayment term, while the standard option has a seven-year draw period and an eight-year repayment term.
Types of fees charged
Alliant Credit Union doesn’t charge application, appraisal or closing fees on HELOCs up to $250,000. Lines over $250,000 include a $1,000 flat fee. The interest-only option comes with a $50 annual fee after the first year, and the interest-only HELOC comes with a $200 termination fee if canceled or closed within the first year. If you’re refinancing an Alliant HELOC, there is also a $250 fee if you don’t increase the amount by at least $10,000.
How to qualify for a HELOC with Alliant Credit Union
Alliant Credit Union doesn’t disclose its HELOC eligibility requirements on its website, but you can expect to need a minimum credit score of 620 or better and a reasonable debt-to-income (DTI) ratio to meet its criteria for approval.
How to apply with Alliant Credit Union
Alliant Credit Union members can apply for a HELOC online or over the phone at 800-328-1935.
How Bankrate scored Alliant Credit Union
| Affordability | 4.8/10 |
|---|---|
| Availability | 7/10 |
| Borrower experience | 7.1/10 |
Alliant Credit Union customer ratings and reviews
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